Croatia: Extensive oil reserves in Adriatic awaits concessionaires

17. April 2015. / SEE Energy News

200 million tons of oil and 62.5 billion m3 of gas, including unconventional reservoirs could be won in Croatia, bidders for concessions for research and exploration await decision.

Potential and proven hydrocarbons reserves on land and in the Adriatic are significant and, therefore, there is indeed an economic, ecological and technological justification for trying to use it, it was said at the 46th annual general meeting of the Scientific Council for oil and gas in HAZ.

Zvonimir Hernitz in front of HUNIG presented data on proven, acquire and potential hydrocarbon reserves in Croatia. Proven recoverable reserves of hydrocarbons in the Pannonia basin amounts to 25 million tons of oil equivalent (ten), of which 68% is related to natural gas and 32% on oil, while the potential of unconventional reserves are estimated at 400 million of ten. On the northern Adriatic it is proven 5 million of ten, and potential 9 million of ten. In the Central and southern Adriatic there is a potential of 400 million of ten, and research suggests that these are 100% oil reserves. A total of 9 million of ten have been proven and potentially are 847 million of ten, of which 59% refers to oil and 41% to gas. In HUNIG calculate that with an extraction ratio of 40% could be obtained 200 million tons of oil equivalents, while in the case of gas an extraction ratio is 15%, and together with unconventional reservoirs it could be obtained 62.5 billion m3 of gas. If we just mentioned figures turned into money, it is shown that in Croatia with a cost of 60 dollars per barrel it could be got oil worth 85.7 billion USD, and the gas imported from the current price of 8.27 USD/ MMBtu is worth 18, 4 billion USD.

Zeljko Sladovic from Ina said that under the worst scenario so far have been found only 66% of total hydrocarbons reserves in Croatia. Geochemical analyzes indicate that the underground of the Pannonia Basin has oil and gas. Large and medium-sized fields have been discovered, but the rest are numerous small fields, and economic analyses justify further investment in research. In Croatia, in fact, a few boreholes have been done at depths exceeding 4,000 m and significant progress is possible by applying new technologies. Zoran Cogelja recommended creating regional profiles, reprocessing of 2D and 3D seismic on land and in the Adriatic, recording a new 3D seismic, connecting all of the data and the application of new electromagnetic methods that are more environmentally acceptable than currently used methods of investigation. Prof. Igor Dekanic said that the current situation in the oil business was unfavorable and that Croatia should decide whether to develop state or hibernation, namely it is the political, social and psychological decision.

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